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We provide a simple and intelligent customer-centric online platform for our clients, in their language of choice, to compare, choose and purchase all types of insurance products.
We also provide services to manage policies online

Friday, June 20, 2014

Three Out Of Every Four Insurance Policies To Be Sold Online By 2020: Study

According to a study conducted by Google India and
Boston Consultancy Group (BCG), about 75% of total insurance policies will be
sold through online route by year 2020.

The report titled “Digital@Insurance-20X By2020" was released recently in
Mumbai claims that as many as three out of every four insurance policies will
be sold online in next 6 years.

The report claims that the online insurance market in India will cross Rs
20,000 crore, about 20-folds its current value of Rs 700 crore by year 2020.

“The exploding popularity of smart phones and Internet has become a core part
of life for many consumers across the globe and in India," the report
said.

“The influence of Digital is already 'big' and is getting 'bigger',
exponentially in terms of user growth and time taken. The connected online
population of over two billion users forms a brand new market that cuts across
borders", it added.

“As insurers seek new avenues to grow profitably, they have a unique
opportunity to embrace and benefit from the digital wave, which also addresses
many key issues that plague the offline world today," it said.

The digital way could result in potential savings of 15%-20% of total cost in
the case of life insurance, and 20%-30% in case of non-life, said Mr. Alpesh
Shah, a BCG Senior Partner also the author of the report.

While online purchases represent a small component of insurance activity in
India today, the overall influence of Internet on insurance product purchase in
India is already 6-times and growing rapidly, said BFSI Travel Google India
Industry Director Mr. Vikas Agnihotri.